Audit

The service is gearing up for a potentially massive tax-enforcement push if Congress passes a plan including $40 billion to expand audits on the wealthy.

The Institute of Internal Auditors and AuditBoard added to their Elevate Internal Audit Scholarship Program by providing merit-based scholarships for those studying for Certified Internal Auditor status.

The Public Company Accounting Oversight Board is reassessing its plans to reestablish its outside advisory groups after the latest bout of turmoil at the audit firm regulator.

KPMG U.K. Ltd. faces a 15 million pound ($21 million) fine after it committed “gross misconduct” over a conflict of interest when it advised bed manufacturer Silentnight and the private equity firm that bought it in 2011.

The Securities and Exchange Commission is reportedly probing William Duhnke, the recently fired chair of the Public Company Accounting Oversight Board.

The increasing number of hours devoted to Sarbanes-Oxley compliance, along with the COVID-19 pandemic, have accelerated the need to use technology and automation to cope, according to a new survey.

A failed oil trader in Singapore that owes creditors more than $3.5 billion is suing Deloitte & Touche LLP, alleging the auditing firm failed to detect “serious irregularities” in its financial statements for more than a decade.

The top 10 firms grew their share of the SEC audit market slightly, but the increase didn’t go to the biggest firms.

The institute's Auditing Standards Board amended its standards Tuesday to include guidance in two areas.

Clients anticipate that audit fees will increase in 2021 due to the impact of inflation, COVID-19, acquisitions and divestitures, according to a survey by Gartner.